PAGCOR to lay off 665 Casino Filipino employees

From the Casino Filipino New Coast facility in Manila Bay, a total of 665 employees of the Philippine Amusement and Gaming Corp. (Pagcor) will soon be retrenched from their work.

The facility is anticipated to be sold to a group in the private sector led by Hong Kong-based International Entertainment Corp., according to the Philippine Daily Inquirer on Thursday. This development coincides with the current shift.

Pagcor, the country’s gaming authority, and operator of casinos via the Casino Filipino network, explained the situation to alarmed staff in December.

The sell-off was discussed during the previous management’s term, which coincided with Rodrigo Duterte’s presidency, according to a statement made on Wednesday by Alejandro Tengco, the current chairman of Pagcor.

Tengco said Pagcor followed local labor standards and gave “incentive packages” to the impacted Casino Filipino New Coast employees. This makes up around 6% of Pagcor’s whole workforce.

By late September, International Entertainment Corp had notified the Hong Kong Stock Exchange that it intended to spend between US$1.0 billion and US$1.2 billion in the development of an integrated resort including a casino located in Manila. This project includes the renovation and expansion of the current New Coast Hotel Manila. An interim license to construct and operate the casino resort has been given to International Entertainment’s two local companies, Marina Square Properties Inc. and New Coast Leisure Inc.

According to Mr. Tengco, by mid-February, Marina Square Properties will take over as the casino’s manager. The move represents a major turning point in the Philippine gaming sector, since it directly affects the workers of Pagcor and the future of the New Coast facility, which is operated by International Entertainment Corp.

Original story by: GGRAsia